HOA Insurance

Started by PattyanneZ • 10 replies • 413 views

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PattyanneZ
Posts: 1

Posted:

Our HOA is looking for a better premium/coverage insurance policy. We have been with the same agency for 20 years but the premium jumps 10-15% every year. We need coverage for the exterior of our buildings and liability issues. What insurance companies are you using?

MichaelT21
Posts: 451

Posted:

Forum rules prohibit naming of companies.

KerryL1
Posts: 14,519

Posted:

Please read the posting rules.

MichaelS56
Posts: 875

Posted:

One of the options a Board has is to get more than one bid. A second option available is to raise the Association deductible from $10,000 to $20,000 or even higher.

KellyM3
Posts: 2,233

Posted:

Just call an independent insurance agent in your town. They'll hunt quotes from multiple companies. If you can supply them with a copy of your policy, they can ensure you get equal coverage.

JohnC46
Posts: 14,230

Posted:

Quote:

Posted By KellyM3 on 12/08/2022 12:16 PM
Just call an independent insurance agent in your town. They'll hunt quotes from multiple companies. If you can supply them with a copy of your policy, they can ensure you get equal coverage.

I agree.

MelissaP1
Posts: 13,734

Posted:

We changed the number of payments a year. That helped some. We paid 10 months a year. However, extending it to 12 made the payments lower. That is something to look into as an option.

Former HOA President

JohnK47
Posts: 1

Posted:

Our HOA’s budget is by calendar year (Jan - Dec), but our Insurance
is on Fiscal Year (Jun - May) and pay for 10 months, beginning June.
How should we budget for the next year, not knowing what the
Insurance would be?

MaxB4
Posts: 3,501

Posted:

Quote:

Posted By JohnK47 on 12/13/2022 6:59 PM
Our HOA’s budget is by calendar year (Jan - Dec), but our Insurance
is on Fiscal Year (Jun - May) and pay for 10 months, beginning June.
How should we budget for the next year, not knowing what the
Insurance would be?

You just update the annual budget mid-year when the new premium comes in.

JohnC46
Posts: 14,230

Posted:

Quote:

Posted By MaxB4 on 12/13/2022 7:08 PM

You just update the annual budget mid-year when the new premium comes in.

I agree. A Budget is a best/educated guess. It is not cast in concrete. It can be changed during the year.

TimB4
Posts: 20,986

Posted:

Quote:

Posted By JohnK47 on 12/13/2022 6:59 PM

How should we budget for the next year, not knowing what the
Insurance would be?

As others have said, a budget is not absolute. It's and educated guess.

One way to make an educated guess is to look at the past and see what the increases have been each year.
Then expect at least the same amount of an increase for next year.

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